While electronic point of sale systems have been widely adopted, there remain aspects which are less than ideal in terms of convenience to users.
For example, while payment details of the electronic retail transaction are recorded on a bank statement, numerous other details are not. When purchasing goods or services on behalf of an employer or business, the purchaser must retain the vendor produced receipt for proof of purchase, product or service information, and tax details.
This receipt is generally kept by the purchaser for the duration of a month, and then General Ledger coded by the purchaser and reconciled in chronological order to the relevant bank statement, then submitted for scrutiny and tax purposes to their manager or business accounts person, who then passes this to the business accountant for annual returns processing.
In New Zealand, the Goods and Sales Tax component of each individual receipt is then entered into that particularly businesses accounting system then filed for seven years as per the current New Zealand Inland Revenue Department laws.
This process is time consuming. Further, the physical receipts are susceptible to becoming damaged, or deteriorating to the point of becoming illegible.
It is an object of the present invention to address the foregoing problems or at least to provide the public with a useful choice.
All references, including any patents or patent applications cited in this specification are hereby incorporated by reference. No admission is made that any reference constitutes prior art. The discussion of the references states what their authors assert, and the applicants reserve the right to challenge the accuracy and pertinency of the cited documents. It will be clearly understood that, although a number of prior art publications are referred to herein, this reference does not constitute an admission that any of these documents form part of the common general knowledge in the art, in New Zealand or in any other country.
Throughout this specification, the word “comprise”, or variations thereof such as “comprises” or “comprising”, will be understood to imply the inclusion of a stated element, integer or step, or group of elements integers or steps, but not the exclusion of any other element, integer or step, or group of elements, integers or steps.
Further aspects and advantages of the present invention will become apparent from the ensuing description which is given by way of example only.